Rajeev Singh from DLF said strong OPM would be maintained in FY08. Volume growth would strengthen in times to come. Thrust in middle income housing will take off next quarter. Our company is cash flow positive. Our annualised EPS stands at Rs 35/share. Substantial progress has been made in hotels and conventional areas, he said. We are focusing on hotels, SEZ development. Our revenues include money from sales of DLF assets. As compared to last year where revenues from DLF Assets were 60% of profit, this time it has come down to under 50% in Q1. DLF Assets contributed to the operating profit close to Rs 1000 crore at EBIT level and total revenue contribution was Rs 1600 crore. Revenues were from office projects in Chennai, Hyderabad and Gurgaon contributed to commercial sales. Contribution from DLF Assets will reduce in coming quarters.

Rajeev further said our business is a lumpy business. We may better the performance shown in Q1 going ahead. Assets of office projects in metros contributed to revenues. Residential revenues were 60% from Gurgaon and 40% from Delhi.

We are starting several new large office complexes in Delhi, Kolkata, Mumbai, Nagpur, and Chennai. We will also launch residential projects in Banglore, Chennai, and Indore. We expect delivery of our new generation of malls to be in Q3 this year. We also expect to enjoy same margin profile in Dwarka project, he added.

Large parts of profits were from land acquired in last 3-4 years. New land acquisitions are not margin dilutive. New land acquisitions will give similar margins. Inflation, construction cost do continues to be a worry, however, we don’t see short term pressure on margins. We see interest rates stabilizing at these levels. We will spend Rs 5000-6000 crore for land acquisitions for core business. We are confident of growth visibility over next 5 years. We expect 20% plus growth rate for every yr for 5 years. We should do well above Rs 12,000 crore of revenues in FY08 while FY08 net profit is seen at over Rs 6,000 crore, Rajeev concluded.